Aneka Tambang Tbk (ANTM) gold sales reached 7.567 kg or by 66% from a target of 11.000 kg until August 2016. The gold contribution for total company sales is predicted to reach 68%-70% by the end of 2016.
Hari Widjajanto, Marketing Director of ANTM, said that the gold commodity gives the largest contribution for its net sales by 68% or IDR 2.84 trillion on the first term 2016. The company is targeting a new export market to ASEAN countries, Middle East, and East Asia by applying Free Trade Agreement (FTA) Scheme.
The market expansion has to be done because India is the main reason why ANTM export has to limit the gold import. According to Hari, the Indian government asked the gold importer to have a bank guarantee by 100% from the import value. “We will keep exporting to India but will also seek for another opportunity in other countries,” said Hari.
ANTM gold sales in the country might increase because the government allows the repatriation fund from tax amnesty to be invested to gold. The gold sales composition for export markets currently reaches by 60% while for local markets reaches by 40%.
Bahana Securities recommended HOLD for ANTM with a target price of IDR 680. (*)
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